Zeldes & Haeggquist, LLP Announces Investigation of HQ Sustainable Maritime Industries

May 17, 2011 09:25

Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of law by certain officers and directors at HQ Sustainable Maritime Industries. HQ produces and sells seafood products, including Tilapia fish, in China and the United States. Its common stock is traded on the American Stock Exchange under the ticker symbol HQS, reports http://www.megafishnet.com/ with reference to  HQ Sustainable Maritime Industries.

 Zeldes & Haeggquist's investigation concerns whether certain of the Company's officers and directors caused HQ to materially overstate the Company's sales, revenue and net income during fiscal years 2009 and 2010, artificially inflating the Company's stock price. Specifically, Zeldes & Haeggquist is investigating whether the Board members breached their fiduciary duties by putting their own self interest above that of HQ and its shareholders, exposing the Company to potential criminal liability and hundreds of millions of dollars in civil liability for violations of the federal securities laws.

 On March 16, 2011, HQ announced that it was unable to file its financial statements and annual report with the SEC on that date, as required by the federal securities laws, and was seeking a 15-day extension to April 1, 2011. Then on April 1, investors discovered that HQ was still out of compliance with federal securities laws and AMEX listing standards, causing trading in the stock to be suspended by the AMEX. HQ shares closed trading on April 1, 2011 at $2.78 per share, were suspended and have not resumed trading since.

 On April 6, 2011, the Chairman of HQ's audit committee, Andrew Intrader, abruptly resigned, saying he felt "compelled by conscience" to resign and disclosed some previously concealed accounting issues. Intrader stated that HQ's CEO had blocked the Company's independent auditors from reviewing data necessary to audit the reported sales and revenues of HQ.

 If you currently own shares of HQ Sustainable Maritime Industries, Inc. stock and would like additional information regarding this investigation, or if you have information regarding the allegations involved, please contact attorney Amber L. Eck at 619-342-8000 or by email at ambere@zhlaw.com .

 Zeldes & Haeggquist is a full-service law firm which brings major class actions nationwide on behalf of defrauded investors and consumers and handles a variety of complex business litigation matters. Please visit http://www.zhlaw.com/  for more information.

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